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Investor Presentation Q2FY27 & H1FY27 Consolidated results for the quarter ended 30 September 2026 1
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2 Forward Looking Statement Certain statements in this presentation regarding our business operations may constitute forward- looking statements. These include all statements other than statements of historical facts, including those regarding the financial position, business strategy, management plans and objectives for future operations. Forward-looking statements can be identified by words such as ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘intends,’ ‘may,’ ‘will,’ ‘plans,’ ‘outlook,’ and other words of similar meaning in connection with a discussion of future operational or financial performance. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realized, and as such, are not intended to be a guarantee of future results, but constitute our current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Vision, Credo and The Blue Star Way VISION “To dream, to strive, to care, and above all, to be the best in everything we do.” CREDO “I am Blue Star. I take pride in delivering a world-class customer experience.” The Blue Star Way CUSTOMER FIRST We place our customers at the center of every decision, action and interaction. INTEGRITY IN ACTION We do what is right, guided by accountability and transparency. WIN HEARTS AND MINDS We build meaningful relationships through empathy, respect and care, creating lasting value for all. REACH FOR THE STARS We embrace growth through courage, innovation and resilience - turning challenges into opportunities and aspirations into achievements. ONE BLUE We collaborate across boundaries and combine our strengths for collective success. 3
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4 Entered residential segment with a range of Room AC Reve EBITDA Margin New element Earnings before interest, taxes, depreciation, and amortization. New element Received its first patent in R&D 1943 1969 Mohan T Advani founds Blue Star at the peak of World War II 1947 Listed on Bombay Stock Exchange Started Central Air Conditioning System Design and Execution 20112017 Engaged ‘Virat Kohli’ as a Brand Ambassador 2022 2019 Set up Wholly owned Subsidiary in North America and Europe More than 8 Decades – A Growth Journey 2023 Started commercial production at Sri City Factory 1977 1997 Forays into Middle East Markets 1993 Set up world class Dadra Factory Enters South- East Asia with Arab Malaysian Joint Venture 1969 Listed on Bombay Stock Exchange EBITDA MarginEarnings before interest, taxes, depreciation, and amortization. 2005-07 Set up factory in Himachal & Wada 2024 Enhanced Chiller portfolio by launching Data- center, Brine & Centrifugal chillers 2012 Set up Plant in Ahmedabad Long way ahead……….
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5 Snapshot R&D Manufacturing Trading EPC Contractor After-sales Integrated Business Model Commenced operations in 1943, with c. 80 years of operations in India Air conditioning, Refrigeration and MEP solution provider Presence in 18+ countries & Plans to strengthen presence in USA, Europe Maintains c. 2 million tonnes of air conditioning and refrigeration equipment Key end-markets, including Residential, Commercial, Industrial, and Infrastructure. 7 manufacturing facilities in India with 4000+ Channel Partners
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6 Strong governance is the key pillar of Blue Star through out its existence Chairmen Emeriti Ashok M Advani Suneel M Advani Board of Directors Vir S Advani* Chairman & Managing Director B Thiagarajan* Managing Director Mohit Sud* Executive Director Rajiv R Lulla Non-Executive Director Sunaina Murthy Non-Executive Director Dinesh Vaswani Non-Executive Director M S Unnikrishnan Independent Director Anil Harish Independent Director Anita Ramachandran Independent Director G Murlidhar Independent Director Vipin Sondhi Independent Director * Also a key management personnel (KMP) Nikhilesh Panchal Independent Director
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7 Where Cooling Solutions are shaped Manufacturing Facilities Wada Started in: 2007 Location: Himachal Pradesh 2 Started in: 2011 Ahmedabad Started in: 2012 Location: Sri City Started in: 2023 Dadra Started in: 1997 Location: Himachal Pradesh 1 Started in: 2005
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Financial Highlights – Q2FY27 8
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Financial highlights – Q2FY27 Revenue from operations ₹2,930.95 cr 21.0%▲ Q2FY26: ₹2,422.37 cr EBITDA (excl. other income) ₹202.58 cr Q2FY26: ₹183.41 cr Profit before tax (bei)^ ₹134.28 cr 1.6%▼ Q2FY26: ₹132.16 cr Net profit# ₹123.91 cr Q2FY26: ₹98.78 cr Earnings per share*# ₹6.03 Q2FY26: ₹4.80 Carried-forward order book ₹7,229.22 cr 1.5%▲ 30 Sep 2026: ₹7,120.44 cr ^Before exceptional items # Includes exceptional gain of ₹23.02 cr on sale of the MedTech business *Not annualised 9 10.5%▲ 25.4%▲ 25.4%▲
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Segment Overview – Q2FY27 10
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Segment 1 – Electro-Mechanical Projects and Commercial Air Conditioning Systems Revenue ₹1,935.99 cr 16.3%▲ Q2FY26: ₹1,664.21 cr Segment result ₹133.15 cr 9.5%▼ Q2FY26: ₹147.14 cr EBIT margin 6.9% 190 bps▼ Q2FY26: 8.8% Robust revenue growth in product business while it remained subdued in project business due to execution delays. Since material cost escalations could not be fully passed on margin remained under pressure. US heat pump supplies continued despite supply chain and logistics challenges, supported by growing market acceptance. Order enquiry remains strong, we expect significant growth in order inflows. 11
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Segment 2 – Unitary Products Revenue ₹897.66 cr 29.4%▲ Q2FY26: ₹693.81 cr Segment result ₹20.74 cr 51.4%▼ Q2FY26: ₹42.72 cr EBIT margin 2.3% 390 bps▼ Q2FY26: 6.2% An extended summer supported strong demand for Room ACs. Despite periodic price increases, only part of the material cost escalation could be passed on, keeping margins under pressure. Commercial Refrigeration business has begun to see revival in demand in key product categories like Deep Freezers, Bottled Water Dispensers and Storage Water Coolers. 12
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Segment 3 – Professional Equipment & Industrial Solutions Revenue ₹97.30 cr Q2FY26: ₹64.35 cr Segment result ₹23.10 cr 274.4%▲ Q2FY26: ₹6.17 cr EBIT margin 23.7% 1410 bps▲ Q2FY26: 9.6% The Company completed the sale of its MedTech business on August 31, 2026. The write-back of warranty provisions, owing to the cessation of MedTech product-related obligations resulted in improved margins. Industrial Solutions business continued to grow steadily, supported by demand from the manufacturing and testing sectors. 13 51.2%▲
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Financial Highlights – H1FY27 14
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Financial highlights – H1FY27 Revenue from operations ₹6,308.87 cr 16.7%▲ H1FY26: ₹5,404.62 cr EBITDA (excl. other income) ₹377.53 cr H1FY26: ₹383.41 cr Profit before tax (bei)^ ₹259.70 cr 12.1%▼ H1FY26: ₹295.40 cr Net profit # ₹226.42 cr H1FY26: ₹219.60 cr Earnings per share*# ₹11.01 H1FY26: ₹10.68 Carried-forward order book ₹7,229.22 cr 1.5%▲ 30 Sep 2026: ₹7,120.44 cr ^Before exceptional items # Includes exceptional gain of ₹32.19 cr, which includes ₹23.02 cr on the sale of the MedTech business and ₹9.17 cr profit on sale of property *Not annualised. 15 25.4%▲ 3.1%▲ 1.5%▼
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Balance Sheet Position – H1FY27 Net Borrowings/(Cash Position)(₹ cr) ₹706 cr▲ H1FY26 H1FY27 417.06 -289.43 Net Debt equity (x) Improved H1FY26 H1FY27 0.13 -0.08 Net worth (₹ cr) H1FY26 H1FY27 3110.96 3486.70 Capital turns (times) H1FY26 H1FY27 4.0x 4.0x 16 Constant ₹376 cr▲
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ESG Practices 17
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18 ESG Practices Environmentally Responsible Operations Social Responsibility & Community Impact Governance Excellence Eco-Conscious Product Innovation Focus on energy-efficient and sustainable designs - green refrigerants, invertor compressors and emphasis laid on reusable packaging. Green Infrastructure IGBC-certified offices/plants (Thane, Wada, Sri City, Dadra), Net Zero Energy Platinum (Sakinaka Office), GreenCo certification secured for Wada and Sri City is currently in progress. Ensuring new facilities are IGBC certified. Sustainable Manufacturing 6 MWp solar system supplies ~15% of energy. 1.2 MWp captive under commissioning. Use of battery operated forklifts. Use of BLDC / IE motors, natural lighting, HVAC upgrades, and rainwater harvesting, retrofitting. Circular Economy E-waste compliance, PCB reuse, product refurbishment (MRI, AC&R). Diversity & Inclusion 16.67 % of female representation in Board; & 11.66% in permanent employees; active DE&I policy. CSR Policy CSR Policy updated to include environment & sustainability as one of the focus areas. Skill Development Vocational training for 500+ youth and 375 apprentices across India. STEM camps and labs benefiting 6,000+ tribal students. Education & Health Initiatives Support to 2,100+ students across 10 govt. schools in Himachal. 12,000+ students in Palghar screened and provided eyewear. 350+ scholars supported under the Mohan T Advani Centennial Scholarship. Women Empowerment Vocational training for 500+ women in rural crafts, tailoring, digital marketing. Robust Compliance Framework Code of Conduct and Whistle Blower Policy for employees and associates. Integrated Governance, Risk & Compliance (GRC) policy based on COSO 2017. Board Diversity & Independence Balanced representation of Executive & Non- Executive Directors. High Disclosure Standards Strong internal controls, Enterprise Risk Management, and ethical transparency. Integrated Vigilance Control Framework Integrated vigil mechanism and industry- leading practices in Enterprise Risk Management, Related Party Transactions, and Internal Financial Controls.
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19 Industry recognition for achievements Corporate governance and management Golden Peacock Award for Corporate Governance 2019/2020/2021 Golden Peacock Award for Risk Management 2020/2022/2023 Winner of ICSI Best Governed Company (Listed: Medium) 2019 Great Place to Work – Certified Organization 2023 Industry expertise MEP Contractor of the Year 2017-2023 Best Water R&D and Technological Breakthrough-Domestic 2022 Multiple CII National Manufacturing Awards REFCOLD India Emerson Awards for First Runner-up under Innovative Refrigeration Product 2022 India Design Mark 2023 NEBB Certified ISO 9001-2015 Certified IAQA Membership Certified Best Customer Service Initiative of the Year 2022 Certified R&D capabilities AHRI Certified for Air Cooled Chiller Lab AHRI Certified for Water Cooled hiller Lab NABL ISO 17025 Certified Lab for Testing Wada Plant receiving the IGBC Platinum Certification under 'Green Factory Building' category
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Thank you 20